Covid-19 reveals systemic flaws – Brainard

Covid-19 had revealed systemic vulnerabilities in the financial system, Lael Brainard, a member of the Federal Reserve Board, said on March 1.

Speaking to the Institute of International Bankers, Brainard outlined possible reforms to money market funds and other sectors, and warned of potential risks during the recovery.

Brainard paid specific attention to money market funds, which suffered a wave of withdrawals as the pandemic gripped North America and Europe last March. She noted: “Over the

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